Letshego Uganda, Turaco, Sanlam partner to launch insurance product

Letshego Uganda, and Turaco Insurance Brokers have partnered with Sanlam Uganda to provide affordable health insurance coverage to all Letshego customers.

The move  aims to help mitigate health-related financial risks in line with Letshego’s mission of empowering the underbanked and underserved - driving financial inclusion in Africa.

With a mere 1% of Ugandans currently covered by formal insurance plans, the new product comes in to provide for ways to help bridge that gap.

Letshego and Turaco have been in partnership since 2023, providing health insurance to Letshego customers with loans over shs550,000 with their flagship product LetsGo Insure.

 Now with Sanlam Uganda, Letshego and Turaco are able to extend insurance to all customers, regardless of loan size.

LetsGo Insure will continue to provide life cover with shs300,000 hospital cash benefit and shs1 million  for life benefit whereas for loans above shs550,000 customers receive an annual benefit of shs1million hospital cash and shs2 million life cover.

Hospital cash is a benefit that pays out a fixed amount if the insured is hospitalized for at least two nights.

The money can be used as a financial cushion to cover medical expenses or lost income. Life benefits are paid out to the insured's family in the unfortunate event of their passing, easing the burden of funeral expenses during a difficult time.

“Access to quality healthcare should not be a luxury. By providing affordable health insurance, we ensure that individuals across all income levels can safeguard their well-being without financial strain. This commitment aligns with our core values of inclusivity and social responsibility. We aim to empower our clients to lead healthier lives and protect themselves against unforeseen medical expenses. Through this initiative, we strive to make a meaningful impact on the lives of our customers and communities,” Giles Aijukwe, CEO Letshego Uganda elaborated.

The vast majority of Ugandans today remain unreached by mainstream insurance.

“This collaboration unlocks affordable health insurance for even more Ugandans! I'm thrilled to join forces with Letshego and Sanlam Uganda for this cause,” Hamza Mutebi, General Manager Turaco remarked.

Martin Mutyaba, the General Manager Corporate at Sanlam Life Uganda expressed enthusiasm about the partnership stating “This collaboration exemplifies our commitment to innovation and addressing the evolving needs of our diverse customer base. We believe that cost-effective health insurance can be a transformative force in enhancing financial freedom. Through this partnership, we are excited to make it more accessible to a wider audience.”